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AUDUSD: Oscillatory within a narrow range

2023-09-05
649
Fundamental analysis:

The Australian dollar remained volatile near 0.64599 against the US dollar, and economists began to consider lowering their forecasts for Australia's second-quarter GDP. Inventories in Australia fell 1.9% in the second quarter, while corporate profits fell 13% over the same period. Both results disappointed market expectations. Profits were broadly weak, with the mining and hospitality sectors hit hard.

Australian Dollar USD AUDUSD - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: after maintaining a wide range of shocks in the short term, the volatility space narrowed, the market's bullish sentiment gradually weakened, but still maintained a volatile trend, the MACD indicator was weakly consolidated near the 0 axis, and the RSI indicator was weakly hovering near the 50 equilibrium line;

Resistance level: 0.64686 0.64776

Support level: 0.64447 0.64349

Trading strategy: Bullish above 0.64549, target 0.64686 0.64776
Alternative strategy: bearish below 0.64549, target 0.64447 0.64349

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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